QNE_p024

QC07142016

24 THE QUEENS COURIER • JULY 14, 2016 FOR BREAKING NEWS VISIT www.qns.com business Improve conversations one step at a time Dear Mindy: Lately when I am trying to have a conversation at work the people seem to be more interested in what is happening on their smart phones than what I have to say. Do you have any suggestions for how to handle this? Frustrated Dear Frustrated: This phenomenon seems to be occurring with greater frequency. It seems as though many people are too busy to have a productive conversation. This can be especially frustrating when colleagues are trying to resolve issues at work. Here are a few tips to help you improve your communication strategy: Step #1 Focus Multitasking may be fi ne in certain situations, but not when you are having a conversation. If you are trying to write an email, answer the phone and have a face to face conversation all at the same time, something is going to be lost. Whether you are having a conversation in person or on the phone, give the other person some focused time. You will make them feel important and you may learn something that will make the difference in the outcome of the conversation. Step #2 Be an Active Listener Contrary to popular belief, listening is not a passive activity. Active, effective listening takes practice. The message you send to the speaker is critical to creating a productive conversation. It includes body language, eye contact, demonstrating interest and using good summarizing techniques (“so what I hear you saying is….”). Step #3 Ask Good Questions In order to have a meaningful conversation, both parties need to be engaged. If you ask a few relevant questions it will show you are interested and help to clarify what is being said. The answers to the questions will also help to bridge the gap between being barely involved and being totally engaged. Step #4 Take Notes It is a compliment to the speaker when you take notes during or immediately after an important conversation. Since we have many conversations during the day, it is hard to remember everything unless you document it somewhere. Record takeaways from the conversation to save time in the future and to help you remember important information. Step #5 Consider the Communication Style of Your Listeners Everyone has a preferred style of communicating. Think about how the listener will receive your words and try to modify your conversation to maximize the impact. Does the listener prefer to get all the details, or do they prefer a more strategic approach? Is the listener generally empathetic to the needs of others, or more egocentric? If you consider the perspective of the listener, you will have more effective conversations and get more satisfactory results. Do you want to understand YOUR Communication Style? Do you want to improve the communications of your team? It is simple to bring a Communication Style Workshop to your organization and you will be amazed at the difference a few hours can make. Contact Mindy directly at 718-217-1074 to fi nd out how to customize a program for your organization. Mindy Stern SPHR, SHRM-SCP, ACC is an author, trusted HR Advisor and career coach. She frequently speaks at leadership conferences and workshops. If you would like your questions answered in this column, just email info@aimresourcegroup. com or visit the website at www.aimresourcegroup. com. The Elder Law Minute TM Avoiding Dangers of IRA Required Minimum Distributions BY RONALD A. FATOULLAH, ESQ. AND JEFFREY P. GORAK, ESQ. This year the fi rst of the 75 million baby boomers began turning 70. This is a critical age for retirees because it is at this age (70½) that the IRS requires individuals to begin taking Required Minimum Distributions (“RMDs”) from their tax-deferred retirement accounts, including 401 (k) accounts and traditional individual retirement accounts (“IRAs”). Careful planning on RMDs is a must, as a failure to withdraw RMDs can trigger harsh penalties. Furthermore, the improper timing of withdrawals can result in a higher tax bracket for a retiree. Tax-deferred retirement accounts were created by Congress as a way to of encouraginge savings for retirement by allowing deposited assets to grow tax-free during the individual’s working years. In other words, there is no current tax due on the income placed into a tax-deferred account, nor is there any tax due on any capital gains recognized from selling the assets in such an account. However, when an individual withdraws funds from the account, those withdrawn funds are treated as taxable income in the year of the withdrawal, requiring the payment of the appropriate income taxes. Individuals may begin making withdrawals from their tax-deferred retirement accounts without incurring a penalty when they have reached the age of 59½ and, as mentioned, must begin making withdrawals at age 70½. The penalty for withdrawing prior to reaching age 59 ½ and for failing to withdraw the RMD after reaching age 70 ½ is the same—specifi cally, 50% of the amount that was actually withdrawn too early or that should have been withdrawn after age 70½ but was not, respectively. Typically, an individual must take his or her RMD by December 31 of each year. However, this rule is relaxed for people taking their fi rst RMD by allowing such persons to defer their fi rst RMD until April 1 of the year following the year in which the individual turns 70 ½. For example, if an individual turns 70 in the second half of the year 2016, he will be 70 ½ in the fi rst of half of 2017 and his fi rst RMD will not be due until April 1, 2018. (If, however, a person turns 70 ½ in the fi rst half of 2016, their RMD is due April 1, 2017.) This waiting approach can, however, cause a person to end up in a higher tax bracket because such persons must take their second distribution by December 31st of that same year. There are several approaches that can help individuals avoid ending up in a higher tax bracket. For example, an individual can convert some of the IRA funds into a Roth IRA prior to that person’s turning 70½. By making the conversion, the taxes on the converted portion of the account are paid upfront and the RMD rules no longer apply to the Roth IRA owner. Alternatively, an individual can make qualifi ed charitable distributions from theirhis IRA directly to certain charitable organizations in amounts equal to or greater than his RMD (but in no instance greater than $100,000) with no income tax due on the distribution. Finally, an individual can begin making withdrawals at age 59 ½, which reduces the amount of the RMD for that person each year, since RMD’s are based on that individual’s life expectancy. Retirement is one of the most important life events that many people get to experience, and Americans spend decades building a nest egg for this milestone. However, the rules regarding RMDs and IRAs can cause some individuals to experience heartache bydue to having to paying unnecessary penalties or ending up in higher than expected tax brackets higher than they had expected. It is for these reasons that retirees or those contemplating retirement should seek the advice of a fi nancial planner and an attorney with experience in this area. Ronald A. Fatoullah, Esq. is the principal of Ronald Fatoullah & Associates, a law fi rm that concentrates in elder law, estate planning, Medicaid planning, guardianships, estate administration, trusts, wills, and real estate. Jeffrey P. Gorak, Esq. is an attorney with the fi rm. The law fi rm can be reached at 718-261-1700, 516-466-4422, or toll free at 1-877-ELDER-LAW or 1-877-ESTATES. Mr. Fatoullah is also the co-founder of JR Wealth Advisors, LLC. The wealth management fi rm can be reached at 516-466-3300 or 800-353-3775. ELDER LAW RONALD FATOULLAH ESQ, CELA* EMPLOYMENT MATTERS MINDY STERN SPHR, SHRM-SCP, ACC


QC07142016
To see the actual publication please follow the link above